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Credit Report Prepared for:

JOHN SAMPLE
Prepared on: 8/27/2002
Expires on: 9/26/2002






Credit Rating

So that you may better understand how most potential lender's will see you, we have analyzed your credit report. Below is a summary detailing your personal credit situation.

Our analysis of your credit report deems your overall credit worthiness as:

Fair
What Does My Credit Rating Mean?
Your personalized credit analysis is based on the information in your credit bureau record. Your Credit Rating is an overall summary of your credit worthiness. Higher ratings are better. With a high rating, you have a good chance of getting the credit and loan(s) you want. Your score or rating is not the only thing lenders look at when making their decision. Other information is also evaluated like account balances, payment patterns and monthly credit payment amounts.

 

Currently, your Credit Rating is Fair. This will make it difficult for you to get the best offers, especially for credit cards. Be prepared to pay higher fees and interest rates as well as make deposits and down payments. Also, you may not be able to get high credit limits and/or high loan amounts. If you demonstrate that you are reliable by always paying your bills on time, your credit score can improve significantly within a year. Check the Factors That Affect Your Credit section to find out specifically what is affecting your credit rating.
Personalized Credit Analysis
Credit Summary
JOHN SAMPLE, your credit file was opened on 1/11/1997 when you opened your DINERS CLUB account. As of today, you currently have 3 accounts listed on your credit file with a combined outstanding balance of $2,050.00 with monthly payments of $43.00. The following 3 creditors have recorded at least one late payment:

 

  • MASTERCAD
  • VISA
  • DINERS CLUB

Your file was last updated by creditors on 8/27/2002 and now reflects a total of 3 payment(s) that were 30 days late, 2 payments that were 60 days late and 2 payments that were 90 or more days late. You currently owe a total of $0.00 to creditors that you have not paid in over 120 days. A $11,500.00 credit limit has been made available to you, of which, you are currently utilizing 17.83% percent.
 
Factors that Affect your Credit Rating
Frequent Delinquency
You have 7 delinquent payments recorded on your credit file. Your failure to consistently pay at least one of your creditors in the manner in which you agreed to when you received credit may increase your cost in obtaining a loan or credit card account in the future as well as affect the current rates of interest on your existing accounts. Making payments according to the terms of your agreement with your creditor over an extended period of time will eliminate this problem.

Too many accounts with a balance
3 of your 3 account(s) have a balance. You have an excessive amount of accounts with a balance in your account history. Bringing one or more of your accounts to a zero balance will eliminate this problem.

Accounts too recent
The average period over which your accounts have been reported to the credit bureau is 168 months. Your credit report contains one or more accounts that have been recently opened. The length of time since the accounts have been established has not been sufficient enough for your creditors to properly report the status of your accounts. Keeping your accounts up-to-date over an extended period of time will eliminate this problem and increase your credit worthiness in the eyes of future lenders.

Date of last Credit Check too Recent
A B C INQUIRIES recently performed a credit check on 6/12/2002. You have recently applied for credit. Creditors often view numerous credit applications in a short period of time as high risk indicators, as you may obtain access to more funds than you can afford to pay back under the agreed terms leaving lenders exposed to a potential loss. Decreasing the amount of credit applications you complete within a six month period will eliminate this problem.

 

Recent derogatory public record or collection
You currently have 1 legal or registered item entries on your credit file. You failed to pay one or more creditors in the manner in which you agreed to when you obtained the credit. Your creditors are pursuing legal avenues and/or have hired a collection agency in an effort to be repaid by you. Legal filings and or recent collection activity may adversely affect your credit worthiness in the eyes of potential lenders and in most cases will result in denial or higher cost of obtaining credit. Making payments according to the terms of your agreement with your creditor over an extended period of time will eliminate this problem.

Too few bank revolving, or other revolving accounts
You have 3 credit card or credit line accounts listed on your credit report. You require additional recent credit card payment activity. You may already have a credit card account, however lenders are reluctant to gauge your credit worthiness on the basis of one or two credit references. Opening additional credit card accounts and keeping them up-to-date over an extended period of time will eliminate this problem.

Derogatory public record or collection filed
Your creditors are pursuing legal avenues and/or have hired a collection agency in an effort to be repaid by you. Legal filings and or recent collection activity may adversely affect your credit worthiness in the eyes of potential lenders and in most cases will result in denial or a higher cost of obtaining credit. Paying your outstanding balance in full as well as accrued interest will help you appease creditors and get you back on track.

Bankruptcy
You have declared bankruptcy within the last 14 years. Bankruptcy will adversely affect your credit worthiness in the eyes of potential lenders and in most cases will result in denial or a higher cost of obtaining credit. In order to obtain credit you may have to provide security, such as personal assets or cash deposits. In extreme cases, creditors may also require a co-signer.

Missing or outdated information
 

An estimated 48% of credit reports contain inaccuracies or errors. It's important to correct these errors and update the credit bureau before they impact your buying power and credit rating.
The information reported in a credit file is provided to the credit bureau by credit grantors, federal and provincial government offices and public registries. The details relating to manner of payment and historical status reflect the actual manner in which you paid your accounts. The credit bureau cannot alter in any way the information reported, unless the information is determined to be wrong, incomplete or otherwise inaccurate. You have the right, as a consumer, to dispute information contained in your credit file. For consumers who wish to dispute any information, the credit bureau will conduct an investigation for verification and resolution.
In order to aid you in determining the accuracy and completeness of your file, below is information identifying areas of your credit report that appear to be incomplete or inaccurate:

  • Social Insurance Number
  • Bankruptcy
  • Credit Card Information
  • Current Employer

Updating your file with the correct personal information will help creditors make the most accurate decision about you. Please visit the Credit Information Center to learn how to update and dispute inaccuracies on your credit report.

 
 


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